• ASL officials during the bank’s 147th board meeting in Uyo, on Wednesday
••• says bank disbursed over N1 billion business-related loans to customers
Itoro Bassey
Akwa Savings & Loans Limited (ASL) has reported a significant financial milestone, achieving an annual revenue of N1 billion in 2022 and 2023.
Additionally, the bank disbursed over N1 billion in business loans, signaling a trajectory towards substantial growth.
Meanwhile, the bank, in a remarkable turnaround, recorded its first profit in 29 years in 2021, a trend that extended into 2022 and is forecasted to generate significant returns by the end of 2023.
This much was revealed by Pastor Ime Okon, the Managing Director/CEO of Akwa Savings & Loans Limited, during the bank’s 147th board meeting in Uyo.Pastor Okon highlighted the remarkable progress the bank has made in the past two years, following its recapitalization and the appointment of a new board by the Akwa Ibom State Government in 2021.
According to the Managing Director, the Akwa Ibom State-owned mortgage bank, once struggling, has made an impressive recovery even as it has been revitalized, reoriented, and fortified for further growth.
He noted that the bank has been recognized as the top e-Channel mortgage bank in South-South Nigeria, an accolade bestowed by Interswitch, a leading fintech service provider specializing in payment solutions.
“Our e-channel is robust and efficient. It has increased operational convenience for our customers to transact with their debit cards using any bank ATM and POS. We have engaged POS merchants to improve services to our customers”, Okon stated.
He revealed that the bank was recently given accreditation by the Central Bank of Nigeria (CBN) as a Primary Mortgage Bank authorized to manage Federal Housing Fund (FHF) activities, a program executed by the Federal Mortgage Bank of Nigeria (FMBN).
The bank’s turnaround can be attributed to the expertise of its board members, including Pastor Peter Udo, a corporate finance and management expert; Pastor Ime Okon, former CEO of Keystone Bank, Sierra Leone; Mr. Linus Nkan, a chartered accountant and seasoned banker; Mr. Okon Okon, a chartered banker, public finance expert and chartered tax professional; Pastor Imo-Abasi Jacob, an investment banker, chartered accountant and certified financial planner; Mr. Michael Akpan, a chartered banker and expert in infrastructure financing; and Mrs. Ekaette Udoh, a specialist in cooperative society management.
With such a talented team, the Managing Director said the bank is ready to launch its first series of affordable low-income prefab houses and is currently financing the Uyo Ultramodern International Market at Mbiabong Etoi, in Uyo.
“We are working to roll-out the first set of our affordable, low income prefab houses at our estate at Ekom Iman by the end of 2024. The bank has already signed Memorandum of Understanding (MOU) with a Chinese and Nigerian-based developers to kick-start the prefab estate”.
While he encouraged the public to benefit from the bank’s diverse offerings by opening an account at any of ASL’s five branches, Okon assured customers that their deposits are secure, as the bank has established robust internal control measures and corporate governance mechanisms to ensure its sustainability and profitability.
“Akwa Savings & Loans Limited is poised to offer Akwa Ibom people the best services in mortgage financing. We call on members of the public to walk in and open an account at any of the five branches of Akwa Savings and Loans Limited. Your deposit is secured”, Okon added.
Meanwhile, Akwa Savings & Loans Limited is set to hold its inaugural Annual General Meeting (AGM) next year, marking another significant milestone in its journey towards growth and success.
